MENU
SEARCHDealers have a few more days to report sales tied to discounts. Agency offers help.
The IRS is offering 'office hours' to answer dealers’ questions about the sales reports.
IMAGE: Pexels/Kindel Media
Auto dealers got a small reprieve from the Internal Revenue Service when it comes to reporting electric-vehicle sales that qualify consumers for discounts equivalent to federal tax credits.
The IRS extended the deadline for the time-of-sale reports to Jan. 19 for any EVs sold Jan. 1 through Jan. 16.
The federal agency said the extension is intended to help dealers adjust to the new reporting system, which includes an online portal.
The Biden administration instituted tax credits for purchases of qualified EVs to encourage sales in an effort to curb harmful emissions. It recently narrowed qualifications for the credits to certain vehicles whose materials aren’t sourced from countries including China, as the U.S. aims to limit reliance on those markets.
“The IRS is committed to resolving any issues facing manufacturers, dealers and sellers navigating the IRS' new ECO tool,” the agency said in its announcement of the extension.
It's offering “office hours” to answer dealers’ questions about the sales reports.
Originally posted on Auto Dealer Today
April borrowing data shows that more consumers are bending over backward to buy vehicles, though subprime lending cooled off for the month.
Read More →
Scott Cooke has served in various roles with Toyota Financial Services for over 20 years, including president and CEO, which he retires from on June 30.
Read More →
Credit card down payments, multiple vehicle purchases and even straw purchases can be completed without committing bank fraud, as long as you tell the bank first.
Read More →
Cox Automotive’s index shows the subprime segment, long loan terms, negative-equity borrowers and down payment amounts all grew in February despite ever-higher vehicle prices.
Read More →
Auto loan originations rose over 6% year-over-year in the third quarter of 2025, but TransUnion predicts a slight decline in auto loan growth this year, making it an outlier in the company's overall lending forecast.
Read More →
Growing access shows greater lender appetite for risk as consumers take on heavier debt burden in an inflated market.
Read More →
More consumers, faced with ever-rising car prices, are adapting by agreeing to longer loan terms despite the cost of added interest payments.
Read More →
The reinsured biweekly payment program offers auto dealers with customer retention and reinsurance structure.
Read More →
December brought some of the best borrowing availability for consumers in years, though lenders tightened their reins on riskier segments of the market.
Read More →
Solving mismatched payment quotes can boost sales, profits
Read More →